- Magnetic sensors are able to detect and measure magnetic fields and converts it into an electrical signal.
- Magnetic sensors have various applications in proximity switching, positioning, speed detection, and current sensing.
- The on-board magnetic sensor market is segmented on the basis of type, magnetic density, end-use industry, and region.
- The rising demand for on-board magnetic sensors in the consumer electronics industry and the growing application of on-board magnetic sensors in navigation are the major factors that are expected to drive the growth of the global on-board magnetic sensor market during the forecast period.
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Rise in Demand for >10 Gauss (Bias Magnetic Field Sensors)
- The >10 gauss (bias magnetic field sensors) segment in terms of magnetic density is projected to be the fastest growing segment of the global on-board magnetic sensor market during the forecast period.
- The >10 gauss (bias magnetic field sensors) are used to tune the sensitivity and the measuring range of the magnetic sensor created by the magnetic poles of the hard magnetic film. This application is likely to propel the growth of the >10 gauss (bias magnetic field sensors) on-board magnetic sensor market.
- The >10 gauss (bias magnetic field sensors) is used as a reed switch which is popular in industrial control because of its advantages such as low maintenance and high resistance to dirt and contamination.
- In terms of type, magnetoresistive sensors are expected to expand at a substantial rate during the forecast period due to their wide operating range. These sensors are commonly used to detect magnetic field strength.
- Hybrid and electric vehicles and IoT connected devices are prominent trends that are likely to drive the growth of the on-board magnetic sensor market.
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Asia Pacific to Lead the On-board Magnetic Sensor Market
- In terms of region, the global on-board magnetic sensor market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Asia Pacific is expected to see dominant growth in the on-board magnetic sensor market throughout the forecast period due to the rise in demand for consumer electronic devices such as laptops, smartphones, and cameras in the region.
- Moreover, growth in automotive, healthcare, and industrial sectors in Asia Pacific propels the demand for smart technologies in emerging economies such as China, South Korea, Japan, Taiwan, and India, which is anticipated to spur the regional demand for on-board magnetic sensors.
- The market in North America and Europe is expected to expand at a substantial rate during the forecast period due to the rising demand for budget smartphones and the growing demand for fitness bands in the regions.
- On the other hand, the market in Middle East & Africa and South America is estimated to expand at a moderate pace during the forecast period.
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Key Players Operating in the Global On-board Magnetic Sensor Market
The global on-board magnetic sensor market was highly fragmented in 2019. Major players operating in the global market are focusing on technological advancement and expansion to meet the rising demand for on-board magnetic sensors. Moreover, manufacturers are undertaking mergers and acquisitions for the development of innovative products.
Key players operating in the global on-board magnetic sensor market are:
- Asahi Kasei Microdevices
- Sanken Electric
- Infineon Technologies
- TDK Corporation
- Melexis NV
- Murata Manufacturing
- Honeywell International
- TE Connectivity
- AMS
- NXP Semiconductors N.V.
- Others
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